More organisations than ever are either required to – or are choosing to – record and log all employee phone calls. The ‘required’ element relates to a significant segment of the financial services industry affected by the MiFID II regulations. The ‘choosing’ element is more relevant to call centres, insurance companies, sales companies, colleges, etc.
Despite the FCA‘s efforts to raise awareness of the implementation MiFID II coming into place on 3rd January 2018, research in December 2017 showed that almost 40% of financial companies were unaware if they were compliant or not. A staggering fact demonstrating that a large percentage of organisations in the industry are still in the dark about how to adhere to the new MiFID II regulations.
Regarding telephone calls, the FCA state:
“Firms are required to record conversations that result in a transaction being undertaken or that are intended to result in a transaction being undertaken.”
The necessity to record calls depends on which kind of financial service your organisation offers and whilst having a digital recording of a call is not obligatory for all, it is important to consider the benefits of using call recording.
We’ve put together 5 reasons why many organisations choose call recording to enhance business operations.
- Record it all! Record inbound and outbound calls without any user intervention. Benefit from stereo recording so both callers are recorded separately. You can reduce the volume or mute one side to gain clarification on what someone is saying at a particular moment in the call.
- Streamline customer service. By recording calls automatically, your telephone discussions and conference calls run more efficiently leaving your employees to focus on the conversation and needs of the customer rather than being pre-occupied with note-taking.
- We’re all human. No matter how perfect we think we are, we all make mistakes. Call recording removes the need to locate handwritten notes, CRM history or an employee’s recollection of events.
- Dispute resolution. Everyone knows disputes are expensive and time-consuming. By recording your calls, you have proof of ‘who said what’ at your fingertips, removing any confusion over what was discussed on the call and quickly resolving the issue.
- Don’t risk non-compliance. Notes can easily be misplaced or lost unlike call recording which are readily available to access and easily searchable when regulators ask how you’re achieving compliance.
MiFID II is designed to increase transparency surrounding trade in the European financial markets and call recording is the best way to keep on the right side of the FCA, who will be actively seeking out those who are failing to comply. Implementing a call recording solution will ultimately guarantee a return on your investment, saving you time and money. It will also ensure you don’t end up with a hefty fine or a tarnished reputation.